Ireland’s First Syndicated Property Finance Platform Launched

A UCD-based start-up has announced the launch of Ireland’s first syndicated property finance platform.

The launch of Initiative Ireland coincides with the company’s pre-approval of a €1.5 million secured loan, which has been approved for funding via the platform. The largest crowd-lending loan approved to date in Ireland, it will fund the development of ten social housing apartments and a ground floor restaurant on the North Strand Road, Dublin.

The loan has already been guaranteed funding, subject to final legal due diligence, by Initiative Ireland’s institutional members but will be made available for syndication to its other private members via the new platform.

The loan is secured with a first legal charge, and will see phased syndication and release of funds to the borrower over 12 months, subject to ongoing certification of works by the company’s partnering quantity surveyors. Membership is free although a minimum of €10,000 must be committed per loan, to participate in a private syndicate at this time.

Initiative Ireland has also partnered with regulated European payment institution Mangopay to offer regulated electronic money accounts to its members via the platform.

Initiative Ireland is headquartered at NovaUCD, the centre for new ventures and entrepreneurs at University College Dublin and is supported by Enterprise Ireland as a high-potential start-up. It was founded in 2015 by an experienced financial services team, with the goal of providing increased financial inclusion, competition and sustainability to the Irish finance market.

Padraig W. Rushe, CEO, Initiative Ireland said: “Over two years ago we set out to launch a new honest, fair and inclusive finance model for Ireland. From today, our private members will be among the first to gain access to what is an exclusive secured asset class, often available only to banks and specialist institutions. We look forward to welcoming new borrowers and lenders alike and are committed to delivering sustainable value to the Irish Housing Sector.”